Word: yen
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Dates: during 1980-1989
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...current malaise was brought on by the exceptionally strong yen, which is now valued at 162 to the dollar, up nearly 40% since its February 1985 low. The yen has also risen against some European currencies -- 15% vs. the British pound, for example. The robust yen cuts demand for Japan's exports by making them more expensive to foreigners...
...country's GNP. But this year exports are likely to fall. Shipments of color TV sets in October were down 49% from the same period of 1985, the third consecutive monthly drop. The Japan Automobile Manufacturers Association calculates that at an exchange rate of about 160 yen to the dollar, auto exports to North America will decline 28% in the year ending March...
While the newcomers multiply, Japan's automakers continue their relentless march. They are expected to export to the U.S. all 2.3 million vehicles permitted under their self-imposed quota this year, exceeding last year's 2.2 million -- a formidable achievement, considering that the value of the Japanese yen is more than 20% higher in relation to the U.S. dollar than it was a year ago. The currency hike, experts believe, has added about $1,300 to the average production cost of an imported Japanese car. Even so, industry executives estimate that Japanese compacts and midsize cars still cost roughly...
...week the Government gave cause for restrained cheers in reporting that the trade deficit narrowed slightly in September, falling to $12.56 billion, down $760 million from the previous month. The drop may have resulted from the weakened dollar, which has depreciated by as much as 40% against the Japanese yen and major European currencies since it peaked in February 1985. Declared Secre- tary of Commerce Malcolm Baldrige: "We have turned the corner on the trade deficit...
...called "Operation Be Stingy," and one of its slogans -- "I'll do it, you'll do it, and everybody will do it" -- is to be taken seriously indeed. Tokyo's Nissan Motor, in an effort to keep the prices of its exported autos low as the value of the yen rises against the U.S. dollar, has launched a major drive to cut costs...